医药制造企业融资效率及影响因素研究  

Research on financing efficiency and influencing factors of pharmaceutical manufacturing enterprises

作　　者：生艳梅[1] 刘彤 SHENG Yanmei;LIU Tong(School of Economics and Management,Northeast Petroleum University,Daqing 163000,China)

机构地区：[1]东北石油大学经济管理学院,黑龙江大庆163000

出　　处：《辽宁工程技术大学学报（社会科学版）》2024年第6期416-424,共9页Journal of Liaoning Technical University(Social Science Edition)

基　　金：黑龙江省哲学社会科学研究规划项目(20GLB121)。

摘　　要：从静态、动态角度对2013—2022年在沪深两市上市的114家医药制造企业的融资效率进行测度,并探讨影响融资效率的重要因素,主要运用因子分析法、四阶段DEA模型和Malmquist指数模型进行研究。研究表明:医药制造企业整体融资效率偏低,呈微弱下降趋势,规模效率是制约其提升的主要因素;药物消费水平、对外开放程度、人力资源和企业价值对融资效率有显著正向影响,地区经济发展情况、人口老龄化和管理费用对融资效率有显著负向影响。从政府和企业两个层面提出了建议,有助于医药制造企业高质量发展。From a static and dynamic perspective,the financing efficiency of 114 pharmaceutical manufacturing enterprises listed on the Shanghai and Shenzhen stock exchanges is measured and the important factors affecting financing efficiency are explored from 2013 to 2022,by using factor analysis,four stage DEA model,and Malmquist index model.It is shown that the overall financing efficiency of pharmaceutical manufacturing enterprises is low and shows a weak downward trend,and scale efficiency is the main factor restricting its improvement.Drug consumption level,degree of opening up,human resources and enterprise value have significant positive impacts on financing efficiency.Regional economic development,population aging and management expenses have significant negative impacts on financing efficiency.Relevant suggestions are put forward from the government and enterprise perspectives to help pharmaceutical manufacturing enterprises achieve high-quality development.

关 键 词：医药制造企业 融资效率 四阶段DEA模型 MALMQUIST指数 因子分析 

分 类 号：F275[经济管理—企业管理]